Thursday, February 28, 2013

For many years, Malaysia has focused on 2020, when the nation hopes to reach fully developed nation status. Then, not only will Malaysia be a different country (in terms of opportunity and per capita income), we will be living longer to enjoy it -- truly the best of both possible worlds.

Life expectancy for Malaysian women is expected to jump to 79 years in 2020, up from 77 years today, while Malaysian men could expect to live until 74.2 years, up from 71.9 today.

Life expectancy is largely a reflection of the overall quality of life in a nation. In the 1960s, average Malaysian life expectancy was around 54 years. But advances in medicine, better nutrition and more expendable income have contributed to a longer lifespan.

Our longevity numbers place us near the top third of all nations in life span, and suggest that we're on our way to becoming an aging nation.

What happens if we live too long?

As we live longer and healthier lives, we risk outliving out assets. We could end up in poverty, relying on the government or family to cover our basic living expenses. Or we could become ill and incur unexpected medical costs that quickly deplete a lifetime of savings.

How will your assets hold up if you need to dip into them for a critical illness or long term care?